Aggressive efforts to depopulate state-owned Citizens Property Insurance Corp. will leave the company with “well under” 1 million policies by the end of 2024 — the first time in years that the policy count has declined. Fewer policies means less exposure and lower chances that nearly all of the state’s insurance customers will face assessments if a series of major hurricanes strike the state. Jeremy Pope, the company’s chief administrative officer, shared the projection with members of the company’s Market Accountability Advisory Committee on Wednesday. It would mark a steep reduction from the 1.24 million policies reported in September and the first time since 2021 that the company has finished a year with fewer than 1 million policies.
Citizens Insurance Expects To End The Year ‘well Under’ 1 Million Policies
Ron Hurtibise, South Florida Sun-Sentinel
Wed, 11/20/2024 - 3:44pm
Topics: citizens property insurance corp jeremy pope market accountability advisory committee michael peltier related articles depopulation previous with citizens in october office insurance regulation october jay adams takeout february september ron hurtibise south florida sun sentinel twitter citizens citizens in pope nov dec business citizens insurance florida citizens insurance s citizens november december adams south florida s south florida expects year million policies company insurers state private policy exposure removed customers policyholders law time remove approved efforts renewal reason allowed major chief assessments cost series region offer rates projected billion reduced strong number requests transfer push lines premiums fallen personal meeting asked
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